v3.25.2
Segment Information (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
segment
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
segment
Revenues:            
Number of reportable segments | segment           1
Number of operating segments | segment 2       2  
Rental income $ 30,177,000   $ 31,657,000   $ 61,621,000 $ 65,206,000
Resident fees and services 11,950,000       11,950,000  
Interest income from financing receivables 7,084,000   3,830,000   14,086,000 7,660,000
Interest income from mortgage loans 9,680,000   12,661,000   18,859,000 25,109,000
Interest and other income 1,349,000   1,968,000   2,755,000 3,507,000
Total revenues 60,240,000   50,116,000   109,271,000 101,482,000
Expenses:            
Property level expenses (12,214,000)       (15,321,000)  
Operating income 48,465,000       98,054,000  
Interest expense (8,014,000)   (10,903,000)   (15,927,000) (21,948,000)
Depreciation and amortization (8,776,000)   (9,024,000)   (17,938,000) (18,119,000)
Provision for credit losses (387,000)   (703,000)   (3,439,000) (727,000)
Transaction costs (6,706,000)   (380,000)   (7,147,000) (646,000)
Property tax expense (2,795,000)   (3,247,000)   (5,902,000) (6,630,000)
General and administrative expenses (8,447,000)   (6,760,000)   (15,418,000) (13,251,000)
Total expenses 44,544,000   31,017,000   75,190,000 61,321,000
Income before unconsolidated joint ventures, real estate dispositions and other items 15,696,000   19,099,000   34,081,000 40,161,000
Gain (loss) on sale of real estate, net 332,000   (32,000)   503,000 3,219,000
Income from unconsolidated joint ventures 439,000   671,000   4,104,000 1,047,000
Income tax benefit 81,000       81,000  
Net income 16,548,000 $ 22,221,000 19,738,000 $ 24,689,000 38,769,000 44,427,000
Non-segment/corporate            
Revenues:            
Interest and other income 125,000       304,000  
Total revenues 125,000       304,000  
Expenses:            
Operating income 125,000       304,000  
Real estate investments | Operating segments            
Revenues:            
Rental income 30,177,000       61,621,000  
Interest income from financing receivables 7,084,000       14,086,000  
Interest income from mortgage loans 9,680,000       18,859,000  
Interest and other income 1,224,000       2,451,000  
Total revenues 48,165,000       97,017,000  
Expenses:            
Property level expenses (2,795,000)       (5,902,000)  
Operating income 45,809,000       95,219,000  
Income from unconsolidated joint ventures 439,000       4,104,000  
SHOP            
Revenues:            
Resident fees and services         11,950,000  
SHOP | Operating segments            
Revenues:            
Resident fees and services 11,950,000       11,950,000  
Total revenues 11,950,000       11,950,000  
Expenses:            
Property level expenses (9,419,000)       (9,419,000)  
Operating income $ 2,531,000       $ 2,531,000  
Single reportable segment            
Revenues:            
Rental income     31,657,000     65,206,000
Interest income from financing receivables     3,830,000     7,660,000
Interest income from mortgage loans     12,661,000     25,109,000
Interest and other income     1,968,000     3,507,000
Total revenues     50,116,000     101,482,000
Expenses:            
Interest expense     (10,903,000)     (21,948,000)
Depreciation and amortization     (9,024,000)     (18,119,000)
Provision for credit losses     (703,000)     (727,000)
Transaction costs     (380,000)     (646,000)
Property tax expense     (3,247,000)     (6,630,000)
General and administrative expenses     (6,760,000)     (13,251,000)
Total expenses     31,017,000     61,321,000
Income before unconsolidated joint ventures, real estate dispositions and other items     19,099,000     40,161,000
Gain (loss) on sale of real estate, net     (32,000)     3,219,000
Income from unconsolidated joint ventures     671,000     1,047,000
Net income     $ 19,738,000     $ 44,427,000